Ohio Telephone Solicitor Bond

Need an Ohio telephone solicitor bond? Apply online

Excellent bond premiums

Bad credit program

Learn what surety bonds are, the different types of surety bonds, and how you can get bonded.Surety bonds are so confusing. I was told I had to post one but I have no idea what they are and which one is right for me. - Don't worry about it. I'll tell you everything about them. In general, surety bonds are not designed to protect your business, but rather to protect the public from dishonest business practices. A surety bond is a three-way agreement between you (the Principal), the Obligee (typically, a government department) and the Surety bond company which ensures that the bonded principal will comply with all the rules and regulations. There are four main types of surety bonds: license and permit bonds, contract bonds, court bonds and fidelity bonds. - I understand but aren't they all the same? Not exactly. Contract bonds are sometimes referred to as construction bonds. Contract bonds are designed to guarantee the performance of obligations under a contract. In other words, contract bonds protect the project owner (the obligee) by guaranteeing that the contractor will perform in accordance with the terms of the contract. There are several types of contract bonds, such as bid bonds, performance bonds and among others subdivision bonds. - Thanks, John! What about license bonds? What is the difference between license and contract bonds? License and permit bonds can be required either by the federal government, the state or the municipality. It is a prerequisite to receive a license or permit to engage in certain business activities. There are a number of license and permit bonds, such as auto dealer bonds, contractor license bonds, freight broker bonds, mortgage broker bonds and many more. For example, auto dealer bonds are required by States Department of Motor Vehicles and every state has their own bond requirements. - Thanks, John! Now I know what contract and license bonds are. What about court bonds? - Court bonds guarantee that the fiduciary will fulfill his or her responsibilities as ordered by the law or the court. There are a few types of court bonds, such as appeal bonds, guardian bonds and probate bonds. - I understand that surety bonds are designed to protect the public, but are there bonds that protect me as a business? - Yes. Fidelity bonds, also referred to as fidelity bond insurance, will protect you and your clients from any employee dishonesty, such as theft, embezzlement or forgery. You can think of fidelity bonds more as a traditional insurance policy than a typical surety bond. And these are the main types of bonds. I hope this explanation helped you figure out which one you need for your business. - Thanks, John! Now I know what surety bonds are and how they work.

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What Is an Ohio Telephone Solicitor Bond?

Telephonic sellers in Ohio need to get a certificate of registration from the state Attorney General’s Office prior to executing any operations. Posting a telemarketing bond is one of the main requirements you need to meet.

The goal of the bond is to ensure that you will follow all applicable rules and regulations. In this way, it protects the state and the general public. If you engage in unlawful activities while conducting telephone solicitation in the state, you can get a bond claim. This is how a harmed party can seek a financial compensation.

Your telemarketing bond functions similarly to all Ohio surety bonds. It is a contractual agreement, in which your business is the principal. The Attorney General’s Office is the obligee that requires you to get bonded. The third party is the surety that underwrites the bond.

Frequently Asked Questions

Who is required to post a telephone solicitor bond?

Any entity that wants to conduct telemarketing activities in Ohio needs a certificate of registration. The governing authority is the Consumer Protection Section at the Attorney General’s Office. You need to complete and file the official application form.

Posting a telemarketing bond is a necessary prerequisite. It guarantees you will follow your professional and legal obligations under the Ohio Revised Code, Chapter 4719,

What’s the surety bond cost?

The bond amount that you have to present to get registered as an Ohio telephone solicitor is $50,000.

Your actual bond cost is only a percentage of this amount and is called the bond premium. It is typically between 1%-5% for telemarketers with solid finances.

Surety Bond Cost Based on Credit Score

Surety bond name

Surety bond amount

Above 700

Between 650-699

Between 600-649

Below 599

Ohio telephone solicitor bond

$50,000

$375-$750

$500-$1,250

$1,250-$2,500

$2,500-$5,000

The surety bond cost you have to pay is determined by examining your personal and business finances. Your credit score, business financials, as well as any assets and liquidity that you can demonstrate are all important factors. By analyzing them, your surety can measure the level of risk it takes when bonding you. Your price will be lower if your finances are in good shape.

What happens if I have bad credit?

Do you have to cope with financial issues such as low credit score, tax liens, bankruptcies, or civil judgements? Then getting bonded may turn into an uphill battle. That’s why we run our Bad Credit Surety Bonds program.

The bond premiums for bad credit applicants are typically in the range of 5% and 10%. This is needed to compensate for the higher risk. Since we collaborate with a number of A-rated, T-listed surety companies, we are still able to select the best bond option for your specific case.

How do I get the bond?

Do you want to learn more about the way bonding works? We have prepared a detailed How to Get Bonded page that can provide you with the full picture.

Lance Surety Bonds’ specialists are here to help. For any questions you may have, just call us at (877) 514-5146.

How are bond claims handled for telephone solicitors?

Telemarketing bonds protect the general public rather than your business. This means that if you fail to follow the law, you can face a bond claim. That’s how a harmed party can obtain a proper compensation for any damages suffered as a result of your actions.

The claim amount can be up to the penal sum of your bond, which is $50,000. If the case is proven, you are liable to cover all costs. At first, it may be your surety that handles the finances, but you have to reimburse it afterwards. Surety bond claims can turn into a serious problem for your company, so they are to be avoided as much as possible

What Our Clients Have To Say?

Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!

Andrew Poincot

Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!

Margie Martinez

We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!